BP to acquire German gas, power utility Getec Energie

BP has agreed to acquire German gas and power utility Getec Energie, it said on January 17 without disclosing the financial details. Getec mainly supplies gas and power to commercial and industrial (C&I) customers. 

The company said that the acquisition will materially expand its presence in the European C&I space. It will boost its capabilities and increase its interface with customers in both established (power and gas) and developing (renewable power, biogas and hydrogen) energy markets. 

“As we continue to deliver our strategy, it’s essential that we can connect and integrate the energy solutions we offer customers across BP. The addition of Getec Energie will expand and enhance our ability to do just that in Germany and ultimately in Europe,” said Carol Howle, BP executive vice president, trading & shipping.

Based in Hanover, Germany and currently privately owned, Getec’s main activities are in Germany, with other European operations including in the Netherlands, Austria, Belgium and Poland. It currently supplies more than 40 TWh/year of power and gas to over 100,000 meters across the country. 

This agreement follows BP’s successful expansion of its C&I power and gas business in the US through the 2022 acquisition of EDF Energy Services.